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Side-by-side financial comparison of LandBridge Co LLC (LB) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Vericel Corp is the larger business by last-quarter revenue ($92.9M vs $56.8M, roughly 1.6× LandBridge Co LLC). Vericel Corp runs the higher net margin — 25.0% vs 14.2%, a 10.8% gap on every dollar of revenue. On growth, LandBridge Co LLC posted the faster year-over-year revenue change (55.6% vs 23.3%). LandBridge Co LLC produced more free cash flow last quarter ($122.0M vs $12.8M). Over the past eight quarters, LandBridge Co LLC's revenue compounded faster (72.8% CAGR vs 34.6%).
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
LB vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $56.8M | $92.9M |
| Net Profit | $8.1M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | 60.0% | 24.1% |
| Net Margin | 14.2% | 25.0% |
| Revenue YoY | 55.6% | 23.3% |
| Net Profit YoY | -83.7% | 17.3% |
| EPS (diluted) | $0.24 | $0.46 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $56.8M | $92.9M | ||
| Q3 25 | $50.8M | $67.5M | ||
| Q2 25 | $47.5M | $63.2M | ||
| Q1 25 | $44.0M | $52.6M | ||
| Q4 24 | $36.5M | $75.4M | ||
| Q3 24 | $28.5M | $57.9M | ||
| Q2 24 | $26.0M | $52.7M | ||
| Q1 24 | $19.0M | $51.3M |
| Q4 25 | $8.1M | $23.2M | ||
| Q3 25 | $8.1M | $5.1M | ||
| Q2 25 | $7.5M | $-553.0K | ||
| Q1 25 | $6.5M | $-11.2M | ||
| Q4 24 | $49.3M | $19.8M | ||
| Q3 24 | $2.7M | $-901.0K | ||
| Q2 24 | $-57.7M | $-4.7M | ||
| Q1 24 | $10.8M | $-3.9M |
| Q4 25 | — | 78.7% | ||
| Q3 25 | — | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 71.9% | ||
| Q2 24 | — | 69.5% | ||
| Q1 24 | — | 68.9% |
| Q4 25 | 60.0% | 24.1% | ||
| Q3 25 | 60.8% | 5.1% | ||
| Q2 25 | 60.0% | -3.2% | ||
| Q1 25 | 57.0% | -24.3% | ||
| Q4 24 | 49.4% | 24.5% | ||
| Q3 24 | 11.2% | -4.3% | ||
| Q2 24 | -197.4% | -11.5% | ||
| Q1 24 | 71.1% | -10.7% |
| Q4 25 | 14.2% | 25.0% | ||
| Q3 25 | 15.9% | 7.5% | ||
| Q2 25 | 15.8% | -0.9% | ||
| Q1 25 | 14.7% | -21.4% | ||
| Q4 24 | 135.2% | 26.3% | ||
| Q3 24 | 9.3% | -1.6% | ||
| Q2 24 | -222.1% | -8.9% | ||
| Q1 24 | 56.7% | -7.5% |
| Q4 25 | $0.24 | $0.46 | ||
| Q3 25 | $0.26 | $0.10 | ||
| Q2 25 | $0.24 | $-0.01 | ||
| Q1 25 | $0.20 | $-0.23 | ||
| Q4 24 | — | $0.40 | ||
| Q3 24 | $-0.04 | $-0.02 | ||
| Q2 24 | — | $-0.10 | ||
| Q1 24 | — | $-0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $30.7M | $137.5M |
| Total DebtLower is stronger | $570.7M | — |
| Stockholders' EquityBook value | $340.3M | $354.6M |
| Total Assets | $1.4B | $488.0M |
| Debt / EquityLower = less leverage | 1.68× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.7M | $137.5M | ||
| Q3 25 | $28.3M | $135.4M | ||
| Q2 25 | $20.3M | $116.9M | ||
| Q1 25 | $14.9M | $112.9M | ||
| Q4 24 | $37.0M | $116.2M | ||
| Q3 24 | $14.4M | $101.7M | ||
| Q2 24 | $24.6M | $102.5M | ||
| Q1 24 | — | $110.6M |
| Q4 25 | $570.7M | — | ||
| Q3 25 | $366.1M | — | ||
| Q2 25 | $370.9M | — | ||
| Q1 25 | $375.5M | — | ||
| Q4 24 | $385.5M | — | ||
| Q3 24 | $242.4M | — | ||
| Q2 24 | $360.8M | — | ||
| Q1 24 | — | — |
| Q4 25 | $340.3M | $354.6M | ||
| Q3 25 | $272.0M | $321.9M | ||
| Q2 25 | $266.4M | $306.8M | ||
| Q1 25 | $217.0M | $295.5M | ||
| Q4 24 | $211.8M | $292.0M | ||
| Q3 24 | $97.2M | $257.5M | ||
| Q2 24 | $296.4M | $243.0M | ||
| Q1 24 | $162.3M | $233.9M |
| Q4 25 | $1.4B | $488.0M | ||
| Q3 25 | $1.1B | $453.3M | ||
| Q2 25 | $1.1B | $435.6M | ||
| Q1 25 | $1.0B | $424.6M | ||
| Q4 24 | $1.0B | $432.7M | ||
| Q3 24 | $689.9M | $390.4M | ||
| Q2 24 | $710.5M | $376.8M | ||
| Q1 24 | — | $356.7M |
| Q4 25 | 1.68× | — | ||
| Q3 25 | 1.35× | — | ||
| Q2 25 | 1.39× | — | ||
| Q1 25 | 1.73× | — | ||
| Q4 24 | 1.82× | — | ||
| Q3 24 | 2.49× | — | ||
| Q2 24 | 1.22× | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $126.3M | $15.0M |
| Free Cash FlowOCF − Capex | $122.0M | $12.8M |
| FCF MarginFCF / Revenue | 214.9% | 13.8% |
| Capex IntensityCapex / Revenue | 7.5% | 2.4% |
| Cash ConversionOCF / Net Profit | 15.68× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $207.7M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $126.3M | $15.0M | ||
| Q3 25 | $34.9M | $22.1M | ||
| Q2 25 | $37.3M | $8.2M | ||
| Q1 25 | $15.9M | $6.6M | ||
| Q4 24 | $67.6M | $22.2M | ||
| Q3 24 | $7.5M | $10.2M | ||
| Q2 24 | $16.0M | $18.5M | ||
| Q1 24 | $17.2M | $7.2M |
| Q4 25 | $122.0M | $12.8M | ||
| Q3 25 | $33.7M | $19.5M | ||
| Q2 25 | $36.1M | $81.0K | ||
| Q1 25 | $15.8M | $-7.6M | ||
| Q4 24 | $66.7M | $8.5M | ||
| Q3 24 | $7.1M | $-9.2M | ||
| Q2 24 | $15.7M | $1.8M | ||
| Q1 24 | $17.1M | $-6.8M |
| Q4 25 | 214.9% | 13.8% | ||
| Q3 25 | 66.3% | 28.8% | ||
| Q2 25 | 75.9% | 0.1% | ||
| Q1 25 | 36.0% | -14.5% | ||
| Q4 24 | 182.6% | 11.2% | ||
| Q3 24 | 25.1% | -15.9% | ||
| Q2 24 | 60.4% | 3.4% | ||
| Q1 24 | 90.1% | -13.3% |
| Q4 25 | 7.5% | 2.4% | ||
| Q3 25 | 2.3% | 3.9% | ||
| Q2 25 | 2.6% | 12.9% | ||
| Q1 25 | 0.2% | 27.0% | ||
| Q4 24 | 2.7% | 18.3% | ||
| Q3 24 | 1.1% | 33.5% | ||
| Q2 24 | 1.4% | 31.8% | ||
| Q1 24 | 0.5% | 27.3% |
| Q4 25 | 15.68× | 0.65× | ||
| Q3 25 | 4.31× | 4.35× | ||
| Q2 25 | 4.98× | — | ||
| Q1 25 | 2.46× | — | ||
| Q4 24 | 1.37× | 1.12× | ||
| Q3 24 | 2.80× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.60× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LB
Segment breakdown not available.
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
